Legal Framework of Islamic Banking to Be Prepared

On 18 January, a Grant Agreement was signed for the technical support for the preparation of the legal framework of Islamic Finance in Azerbaijan. The agreement was signed between the Azerbaijani government and the Islamic Development Bank.

From the Azerbaijani side the document was signed by the Minister of Economy Shahin Mustafayev, and from the IDB - Vice President Saied Agha. The Ministry did not disclose the amount of the grant.

The parties came to an agreement on the analysis of the current situation in Azerbaijan in the banking sector, considering the use of Islamic banking, as well as the preparation of relevant proposals.

To date, the IDB has invested in Azerbaijan about 1 billion US dollars within 18 projects. Fourteen projects in agriculture, energy, transport, social services and water supply have been completed. Implementation of four projects continues. – 08B--

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